tv Cavuto on Business FOX News November 27, 2010 10:30am-11:00am EST
>>. >> and war on salt means sugar going through the roof. and after cher daniel midland up 50%, i don't know, pretty good. >> i want to tell jonas, 10% is not soaring. >> brenda: wait a minute, you don't even share. okay, bull or bear, toby? >> i'm actually a bear, i think it had a great run. >> brenda: very sweet deal. ka vcavuto is up next. take it away. >> neil: how much the government says they paid back taxpayers you and me from tarp. have you gotten your check yet? i'm neil cavuto on fox at the top. the number that seems over the top and i'm just beginning to where where are those taxes and lock box, whatever. charlie payne, dagen mcdowell, adam lashinsky. i'm looking for that.
>> when you find yours, let me know because i'm looking for line, too, you know what's crazy? the accounting that they use, if a wall street firm uses any kind of accounting, they're shut down and padlocked on it. and lost money by the way and add in, cancel commitments and it really is a never ending shell game in a never ending pr game. it's just, at this point, you would think that you would stop doing it, but they don't. >> dagen, essential ly we created our own credit line and when we paid it back, i guess, we paid ether back to ether, out of thin air. >> essentially, but turns to the check point. we're not going to get checks. the only people who are going to get checks are maybe people in china, and japan, and people who own government bonds and that gets paid the interest on that debt gets paid because we as a nation are in a hole and we're paying
that debt back and maybe you are-- maybe it's easier, but that's the thing that you've got to focus on 1.3 trillion dollars last year and don't have to tax that. >> and with that, and then i would think that that credit line has been either reduced or it's been moved toward the debt or the deficit this year and that has not happened. >> neil, i don't think we know where any of this money is going. credit line from here to there, back and forth, to me it's just one big giant shell game and there's an end sum here at this point in time. we still have massive deficits and for the treasury to pat themselves on their back like they're doing something wonderful. last i liked all of our taxes are going up to supposedly paid for the deficits if they don't get their act in gear. i don't think anything good has come from this. all we have is a government that's taken over a business
it's a regular bank. >> and be that as it may and the fact of the matter is that they used of course, gm coming public this past week, as a sign that these rescued bailouts, even from some that were originally meant for banks, and by the way, through the bush administration and now through this administration, so it's a bipartisan. and that they've done a lot of good and the money's coming back. but, again, tax money issue, what money are we talking about? we're talking about some established credit lines, borrowing from visa to pay your master card. >> well, it's an unusual situation, neil, because we're dealing with an entity not like you and me, we're dealing with an entity that can print money number one and number two has unlimited borrowing power at least for the time being, unlimited borrowing power. >> and you see that entity is you and me. >> we don't recognize the fact that one is playing fast and loose with the credit lines
and money out of thin air. they're us. >> well, that's a pont i often make, it is us, you're right, neil and we had certain policy goals in mind and i would argue that we absolutely achieved them. i mean, charles, from a financial perspective, it's wrong to say that we've lost money on general motors, we haven't, because it's not over yet. and that's not unlike any company that investigats in a company and only pay a portion-- the investors only take a portion of the money out and the government continues to hold that stake and we all hope, all hope at a higher level down the road. as far as tarp goes, neil, we insisted on making those investments in the banks, as you know, some of them didn't want it and we said, no, you have to take it. >> i don't want to get too lost in the weeds here, you're brilliant, lots more than me and charles i'm saying leaving aside, let's say we paid it back and let's say the government, us, is whole on
the gm investment eventually. i get a check and break on your taxes. >> the answer is absolutely not. >> where is the money going? we're saying where is it going. >> there's a chest at the white house, that's where the money goes, okay? listen, you know what, a lot of people have been talking about unemployment benefits not being extended again. you can blame the white house, the republicans said to em this, listen, let's use the stimulus money. hey, don't touch that, that's for our pet projects, don't such touch. we'll never get a benefit from it. they'd like to make it a permanent-- >> the problem is the benefits go to the different places, underwriters of gm made a ton load of money, money was taken from bondholders, they were put behind the unions, so, this was one of those pick and choose type things again. we as americans and individuals, we get nothing out of this, we see nothing out of this. ooh enthough you're using deficit money. >> and dagen, here is what i
want to-- adam i want to get to you on this point as well. i understand the unions had a 3.8-- i understand that china got a 1% chunk that a certain saudi prince got 5% chunk, all funds, that's okay, a big world and-- when i hear about our chunk, the taxpayer chunk i want to know what the hell happened to my chunk. >> it went-- maybe we won't have to borrow as much money, but in the graened scheme of things. >> i don't believe it. >> i think our chunk was an imagery chunk. you know what i'm saying? and now, it's like the government is saying, well, chunk you-- >> and at least they're not raising your taxes to cover the bailout in the first place, not yet. >> a very good point. >> and maybe the best-- we didn't have to borrow as much because we previously borrowed too much. >> it is the best weekend so far. in a general sense you want to know where the money came from and where it's going, it came out of the treasury and going back into the treasury.
neil, we didn't write a check in the first place and we shouldn't be getting a check. >> i'm saying where-- >> i want to see that lock box. i want to see that lock box. i want to see the treasury trust fund like social security we know doesn't exist and all of this that came out of aen you and i know it's not, it's not. >> dagen has given you the best answer i think you can get, in the spirit of the weekend we should be thankful we're not going to have to pay more for the bailout. we seem very thankful. >> i've got one thing to say. do you really want check. wouldn't we rather have lower taxes because those stimulus, those rebate checks last year. >> no, no, i would rather, look-- we're in deep debt here. i would rather then if you're going to channel that deficit, really seems to be the new religion, then get a debt. i don't see a debt. >> you want a fair accounting in a spiral notebook, you want
a fair accounting of where is your money. >> that's not happening. >> never. >> neil: and that's why this chunk thing is check. well, dump the debt by dumping medicaid? the controversial plan some states are using right now to get out from under. first, feeling guilty not over the high calorie count of a the chunky monkey he's serving, but the chunk paying to taxes saying it's way too small and wants to give uncle sam another scoop. that's fine, but insisting other rich guys like him get similar similarly? [ male announcer ] it's simplehysics...
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wikileaks and the states are trying to limit the damage, warning our allies and candid assessments of foreign government collected by u.s. intelligence and secretary of state hillary clinton reaching out to leaders in saudi arabia, germany, and britain, mopping others. and the news from black friday, very encouraging. millions of shoppers across the nation, braving the cold and crowds to pick up bargains. the major retailers are reporting a 16% spike in sales. the average quarter rose to $190 for online shoppers, a $20 jump. cha-ching. i'm jamie colby. back to cavuto on business, have a great day. >> did any of you hear about this, the statement of week for me. now you're unpatriotic if you are for taxes, this week a group calling themselves patriotic millionaires, 45 of them strong, sending a letter to the president essentially
saying that, allow tax cuts on incomes over a million bucks like ours, to expire, those so-called patriots, including ben cowan, of ben and jerry's fame, and music mogul. moby. when you're super rich, one word, like a meal. anyway, i guess any american, with money, doesn't want to give more than to washington, not a patriot. which would include this next gentleman. gary clearing anti-american. [laughter] >> gary? >> greedy young patriotic s-o-b right here, neil. this comes under the heading, here are the people and who are they trying to kid and doing this auspices, all of this extra money is going to pay down the deficit. it's only going to be spent more. i don't know what they're thinking about and who are they to tell anybody how much they should be paying in
taxes, once they have about 50 to 100 million in the bank. they need to take a long, long vacation, my friend. >> and taking nothing away from the good intentions, dagen, i always feel if you are so hot to trot, give more, do what they do, that's what you-- and you can get extra? >> yes, overpay your taxes. >> do that. >> put every dime of your income to the federal government. and by the way, 45 taxpayers, for what, 138 million americans who pay taxes in this country, so they are a small number of people who are trying to do this and i-- >> what they're trying to say, only 45 of us, but every millionaire, every charles payne, were to do this, it would add up. why not pony up, charles? >> you know, for me it's like a 45 skinny people asking for as narrower seats in the airplane. you know what, this would make travel more efficient. >> the same people who do not want to be sitting next to me. >> and you know, again, besides the fact that it bugs
me when other people tell what can hurt and won't hurt someone financially, i think it's really unpatriotic to give your money and your power to the government. a government that's already drunk on our money and our the power. >> and i know that un-- to consider you unpatriotic if you don't want to give all of your money to the federal government. i've got to-- >> beating this government down smaller. a little distracted. >> you notice i lost my train of thought anyway. >> i lost mine. >> jimmy carter was my-- >> i was on to millard fill more, more government. adam i was looking at this, and taking nothing away from the fine gentlemen in this clip, i think a lot of them became big successes because they're very successful and so they know something about watching money and getting a bang for your buck from the
mon money. and certainly they must recognize other millionaires or rich dudes' reticence on this issue that they don't feel they are, and they feel, especially with other higher taxes coming in a couple of years of 3.8% sur tax from medicare for the well-to-do to pay for this health care law, higher capital gains taxes, higher business taxes, period, they're saying, well, you know, people already have done that. what do you think? >> well, i think you take charles' statement and match it up against what they think and they've got the situation in a nutshell. charles think the government's doing a horrible job aen that he's not proud of his government or of his country for at that matter. >> oh. >> come on, i never said anything about the country. there are two separate things. listen-- >> that's the implication, i mean-- >> and give the government all of my money? i don't like the country? >> adam. >> because you-- >> give me a break.
>> and you think your government's doing a bad job. i get that and they disagree. i mean, i find it distasteful, every time i hear a rich person complain about the taxes that they're paying because they've gotten plenty of benefits from all the things that their government has done and i hear this all the time out here. >> and actually going to the polls and people in the state of washington said no thank you to a tax on millionaires, so, how voters in that country see it. >> there are so many ways to help out people in this country. much better than giving money to the government. there are a zillion-- >> that's out there. >> so many ways to help and test your damage and make this a better country, rather than having people write extra checks. >> and they're coming from-- gary, could i ask you a question then, what is the statute of limitations on guilt then, giving a third of what you make is not enough and medicare related taxes and social security taxes and
corporate and other taxes and the average rich can give well in excess of 50% to the government. what is the limit then? what is the guilt threshold? >> look, i've debated people that said 80, 90% of taxes and 30, 40 years ago. that's what some of these people want. i'll say it straight to adam. they are mishandling our tax dollars and doing it for years now and spending money left and right and not getting done and we have massive bloated deficits at this point in time. i want them to do better and if we keep feeding the beast, we'll be starving them. >> we'll go back to dagen, i can't think of anything else. and something i said on this show, i believe the white house was watching and listening closely. and it could be very good news
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>> see that? en the man running the chamber of commerce from the roof of the chamber of commerce, and the white house across the street, the chamber of the commerce. so why not take a walk across the street and talk it out? we were calling him out on this, and fascinated me. the white house and chamber of commerce literally across the street. now the white house is finally
calling the chamber of commerce. did you hear about this? wasn't long ago on this very show we pointed out how neighborly they were, at least neighborly by-- why not take a walk and talk it out? now, reports saying a january sort walk and talk might happen. in other words, the president is going to meet with the chamber and the white house planning separate meetings with other business leaders to patch things up. charles, what do you think of it. >> on the surface, fantastic news, what took you so long. i'm skeptical. i think it's somewhat of a public relations ploy and i hope the president doesn't go there and try to convince them about the jobs he's created or saved and the other mythical great things going on and i hope he looks them in the eye and brings a note pad and pen and takes notes. >> let me bring you about cynicism, it's about money and they're looking ahead and they know they're the deep pockets and got to get on their good side. in the words of judge judy,
will the white house put on the listening ears, they don't listen. they can have a sit-down, if they don't listen. >> you're quoting judge judy? >> yes, she's a genius. >> if ne don't listen an and frankly, i don't think they care about business. >> judge judy doesn't or the white house. >> the white house. >> adam, you know, i was pointing this out earlier this week on the network that the administration has met with business quite a bit and i don't know what comes of the meetings. it's been like greedy fat cats, moguls trying to have it their way. so, some of them see a clear disconnect between the lunchen and then a ripping, so, if you were advising the president because i know he actually listens to you and likes you. [laughter] >> what would you tell him on this? >> if i would advise him first of all to hire you or ask you to be at no charge the mediator because i think you could get them talking, and
what, i think what we'll see is that they're going to stop calling each other names. the name calling has been going in both direction, by the way. i would probably agree with you that the president started it and i would say, he started it and i would say-- i would advise stop the name calling. that's the place to start, these are important constituents, don't offend them. >> is it smarter the president has the bully pulpit. the confidence stays high-- actually lack of confidence and until we get the adversarial relationship as well as the demonization of business, it's going to stay bad. so i'm glad they'll see meetings and hopefully something gets done from it. >> we did get an advance copy of the president's speech with these guys and it starts out i'm rubber, you're glue, whatever-- (laughter) >> well, the day after the big black friday shopping, some, well, of the big bill. our gang has stocks to help you pay them off fast.
jane: yea. most people will get free cancer screenings. and 50 percent off of brand name prescription drugs if you're in the donut hole. stella: you read my paper. jane: i went to medicare.gov. it's open enrollment, you know. so i checked out all the options and found a better plan to fit my budget. stella: well, you know what they say...knowledge... jane: knowledge is power.
>> neil: take care of your black friday bills. >> successful retailer i think it will make a huge move. >> neil: what kind of retail? >> out of the midwest, young kids, him stuff. >> neil: adam, what do you make of buckle? >> it looks fine. i would be cautious as a new investor. >> neil: what would you be buying? >> long after buckle has buckled target will still be around. not too cheap, not too expensive. >> neil: what do you think gary? >> i love the company. i'm not a fan of the stock they have low single digit revenue growth. >> neil: not because you have never been at a target? >> many times. >> neil: what do you like? >> love star budgets. howard schultz came back,